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for tax reform, grover norquist. he is the person who got some members of congress to sign a pledge to not sign taxes. a number of republicans said they are willing to vote for a tax increase. this is just under an hour. >> thank you for coming out. two weeks in a row, thank you very much for coming out and we will have another one next wednesday and we appreciate you being here. grover norquist, president of americans for tax reform. people who are following us on twitter, just tweeted, we'll take your questions. we want to thank the bank of america for supporting these series. the forum is about issues that matter most in washington. last week, how the obama campaign won and today we will talk about very important issue for conservatives and republicans, the path forward for them and their party. we appreciate bank of america's partnership including at both of the conventions. and we are going to bring you into the conversation. you got cards. we would love to take your questions and also be getting questions as they call it on "morning joe"," the twitter machine. we would love to
stoned? and if so, how did they give her dollar bills? >>neil: take the 98 percent deal and deal with tax rate hikes on the rich later? that is a republican congressman. comingcoming to you from sunny california, the tax capital of the world, taxes could now go even higher for those earning more than $250,000 a year, or maybe a lot higher because a republican congressman seas we should freeze tax rates for the majority of the americans in time for christmas and deal with the top 2 percent who likely see their rates raised later. that triggers this reaction from house of representatives speaker boehner. >> i told tom i disagreed. you are not going to grow the economy if you raise tax rates on the top two rates. it will hurt small business. it will hurt our economy. that is why this is not the right approach. >> now the guy at the center of the tax storm, oklahoma republican congressman, congressman, he singled you out for calling you out. how do you feel about that? >> i like the speaker. we have a great relationship and we are able to talking directly and honestly with each other and i ha
>> what i can confirm is that 45 p. the top rate of tax will be higher under this government than any of the 13 years of the last government. that is the fact. that's the richest in the country will be paying more in terms of income tax in every of this government than in any year of that government. .. was investing eight hundred million pounds, an excellent eight hundred million pounds to combat tax avoidance. there was no such investment taking place with 15% cut in the budget. is the prime minister guilty of tax of points for tax evasion? >> $900 million into specific majors of tax avoidance. all these schemes grew up under years of labour government. they never did a general tax avoidance. they presided over a system where people in the city were paying less taxes than their cleaners and the government has sorted out. >> not to be remembered as the prime minister introduced regulation of the press, an essential part of a free democracy. would you agree with me that regulation derives -- you are pregnant or not pregnant. you either have state regulation or you don't. there is
. the prize is aahalf billion dollars, how do you feel about paying a 50% tax the moment you buy the ticket and if you win giving another third to the feds. still want to stand in line, your odds 1 in 175 million. the president or should we say campaigner in chief, he'll be on the road and the union campaigns, and the message no entitlement reform in any fiscal cliff deal. and more, ollie north on record gun sales, mike reagan on california and isaacs on warren buffett. here we go. "varney & company" is about to begin. looking for a better place to put your cash? here's one you may not he thght of -- fidelity. now you don't have to go a bank get the things you want from a bank, like no-fee atms all over the world. free checkwriting and mobile deposits. now depositing a check is easy as taking a picture. free online bill payments. a highly acclaimed credit card with 2% cash back into your fidelity account. open a fidelity cash management account day and discover another reason >> wednesday, november 28th a bombshell report from forbes this morning, 11 states are in a death spiral. don't bu
, president obama wants more in the $1.5 trillion in tax hikes, but he has no plan -- or announced cuts in spending, why those tax hikes don't add up to anything meaningful and we'll talk with the ceo of cke restaurants, andy puzder and says, tax rates will stifle economic growth and our favorite doctors are here, to psychoanalyze the scandal that brought down the head of the cia. we are delighted to be joined, now, by the admiral james lyons, retired commander of the u.s. pacific fleet. it is always good to have you with us. thanks for being here. >> nice to be back with you, lou. >> lou: let's turn, to first, the talking pois. which, it seems that no one after general petraeus made it clear there had been changes in those talking points, the testimony before congress s been surveyed, and congressman mike rogers, the chair of the house intelligence committee, said, it has to be the white house, because everybody else has testified that they didn't. do you agree? >> i agree. and, in that deputy's committee i'm hurry the white house representative and the national securityfrom the nation
will also be here fred also, president obama has no plan to announce tax cuts and spending cuts. why they don't add up to anything meaningful. lou: the testimony before congress has been surveyed. congressman mike rogers. everyone else has testified that they didn't. do you agree? >> i do agree. and the deputies committee, i'm sure the white house representatives of national security from the national security agency council had their orders. lou: general david petraeus says for his part, one of the confusing things -- confusion between the testimony he gave to congress three days after september 11 and what he said over the past few days in congress, it represents what happens when you try to avoid tipping off terrorists. do you buy that? >> according to congressman king, it indicates that betray d petraeus deadlock. lou: is appropriate for a military man to take upon himself or herself for the good of the country and misrepresent reality united states congress. >> certainly based on what congressman king has reported in the open press something of the like. lou: specifically, it me
the pacific fleet and congressmen covert from texas. obama once more than $1 trillion of tax hikes but will not renounce spending. the "chalk talk" what that does not add up to anything meaningful we will talk with one guest to stifle economic growth. also to analyze this cycle to bring down the head of the cia. admiral, it is good to have you with us. turned to the talking points. it seems no one after general petraeus made it clear their ranges in the talking points, testimony has been surveyed and mike rogers said it has to be the white house everybody else testified. >> by a agree. i am sure the white house representative council had marching orders. lou: and petraeus said part of the confusion between the testimony he gave to congress three days after september 11 represents what happens when you back the terrorists. >> according to congressman came -- king is indicated that petraeus lied during the first testimony. >> and misrepresented the truth to congress. is it true -- possible for a man had of the agency to take it upon himself to misrepresent reality to the venice state
of americans for tax reform, talked about the so- called fiscal cliff and the upcoming tax bills in congress. he will also talk about the 2012 election and recent meetings at the white house between congressional leaders and president obama. this is an hour and 20 minutes. >> we are delighted to have grover norquist with us. of course, he is president of americans for tax reform but in the spirit of full disclosure, he is also a member of our board of directors and a very important colleague. grover spoke here several months ago, i should say here at the center, but not in this room because we moved -- there may be some glitches, so i apologize in advance. i am sure we will do better next time. however, grover talked about taxes, u.s. economic policy. but that was about taxes and the electoral campaign. now we had elections and the taxes are at the center of a very important political debate and at the center of negotiations between the obama administration and congress, particularly the republican controlled house. as i watched the president during his recent press conference and listened t
with eric schoenberg, a patriotic millionaires, he's rich and he wants people to pay more tax. >> and did you inherit wealth. >> first of all, yes, i inherited wealth. >> you inherited. but also made money on my own. stuart: wait a minute, you inherited wealth. >> i did. stuart: what about the rest of us strivers, charles payne. all of us. >> all three of us. stuart: it was good. we'll have more of that interview coming up in our next hour when andrea tantaros and don peebles. you can see the whole thing on your facebook page. and grover norquist, says the republican will not cave on the fiscal cliff and that the g.o.p. will not agree to higher tax rate. i disagree with that. grover coming up after the break. so, too, is the opening bell. next, is this what republicans are up against? >> we cannot afford to extend the bush tax cuts for the wealthy. what i'm not going to do is to extend bush tax cuts for the wealthiest 2% that we can't afford. can your hearing aid do this? lyric can. lyric can. lyric can. lyric by phonak is the world's only 24/7, 100% init's tiny.aring device. but lyric's
, clinton, and the first george bush, moved away from a position no additional taxes. they all added revenues to deficit reduction. a significant amount of revenue. >> your colleague from georgia just this week said the following about that pledge not to raise any taxes. >> you know, that pledge i signed 20 years ago was valid then. it's valid now, but times have changed significantly.Ñi and i care more about this country than i do about a 20-year-old pledge. >> it is my view that the issue of taxes is the number one stumbling block to any kind of fiscal deal. that has to be resolved first before you can get to issues like sequestration. when you hear that from a colleague, does it say to you that there is room, and does the president do anything short of raising tax rates on the wealthy? is there anything short of that acceptable? >> well, you've got to raise additional revenues, including tax rates on the wealthy. >> those have to go up? >> they have to go up. there's ways of doing that. secondly, though, we've got to close some significant loopholes. for instance, the ones which
, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats want tax hikes on the rich now, with the promise of cuts to programs like medicare later. on tuesday, senator dick durbin flatly declared entitlement reform should not be on the table. yesterday, top white house officials also met with leading liberal groups, from labor unions to moveon.org. with one attendee telling the "washington post" they expect the taxes to go up on the wealthy and to protect medicare and m
willingness to help the republicans the gate the pledge not to raise taxes by letting it expire and than any tax change to reduce taxes will be a tax cut, we will be glad to sign it. all of the super rich people who are now going to face the state tax on anything over $1 billion will be screening of their shoulders, the thing it. and rear not point to have $200 billion less in spending if after january 1 we sign a new tax bill. the fact that obama is administration is to make it sound like he is averting a catastrophe over the post 2013 -- it is an insult to people who know what is going on. host: if you think that -- do you think the president is not holding from one democratic beliefs? calving i really do not know. i just found out that ed rendell is supposedly a little type of democrat. he is one -- on one of these teams trying to figure out entitlements. this is a simple equation. we have about $800 billion more than necessary in spending. we have $800 billion more in spending that goes into the pockets of those who run unnecessary tests, insurance companies and pharmaceutical companies.
, the jump in taxes woul likely quickly push the u.s. economy into a recession and there is nothing the fed cado to prevent that from happening. gei: it seems to have unloaded everytng they have, the economy has to come back on its own now. >> they can do with the bank of japan is now supposedly considering, resort to negative interest rate policy. consumerwould be charged to keep money in savings accounts. that is one way getting people to spend, i don't think that is likely to happen anytime soon. gerri: i think that is just crazy talk to lots of viewers. but it is reality. instead of getting paid for putting your money someplace, which is the way it normally happens, instead you have to pay for the privilege. now why are people willing to make that trade-off? >> simply because they don't have enough room in their mattress to store their money or they don't have enough confidence to put their money in other financial assets sucas stocks. gerri: we are not here yet. >> could be a reality in japan the japanese want to weaken the yen. that is one way of doing it. gerri: he is optimistic abou
back to work but the clock is ticking. unless lawmakers make a deal, automatic spending cuts and tax increases are just a matter of only a few weeks away for everyone. i'll ask a top member of the republican leadership if there's any room for serious compromise. >>> and if you own a home, deductions that save you money every year could be changing or simply going away. we're taking a closer look. >>> and ballpoint pens that hide poison needles and poison bullets. they sound like props in a cold war era spy movie. but they're part of a real assassination plot. we have details. i'm wolf blitzer. you're in "the situation room." >>> we're just 36 days away from the painful across-the-board spending cuts and tax increases people here in washington are calling the fiscal cliff. today, we have new proof that people across the country not only are aware of what's going on, they're very, very worried. our new poll shows 68% say the country will face either a crisis or major problems if the cuts in taxes aren't avoided. and a whopping 77% say their personal financial situation will be affected
democrats now say they would rather see a series of automatic tax hikes punish all americans rather than to agree to spending cuts or deals they don't like and they believe compromise their principles. this comes despite warnings from the congressional budget office that the tax hikes now about to take place could throw the economy back into recession. two million more americans could be left out of a job and most troubling of all according to the pentagon, the country's national security would be in serious jeopardy. if congress and the white house do not act. chris stirewalt is our fox news digital politics editor p.o.w. or play on foxnews.com. they cut the deal that put the automatic spending cuts in place and these automatic tax hikes in place thinking this will never happen. they went back, said all right, now that we have it in place let's try to fix it. well they failed. there wasn't the political will to deal with it at the time they passed. there wasn't the political will at the time they tried to deal with it and it was a complete political debach kill. now you have some people
.s. debt mounts and tax hikes andrew the corner. guess what? there's plenty of ways to make money, even in an obama economy. we have all the information you need to rake it in, even when they say it's not, it's always about money. ♪ >> starting off, oil and energy, hosting money from houston, i sat down for an exclusive one-and-one with the ceo and co-founder of ki in, -- kinder morgan. we focus on the future of the energy business and natural gas. this is what he said. >> we need to have a level playing field. we need to have, in the energy field, for example, we have just tremendous opportunities, particularly in the naral gas area. we got a game changer here. we got a fuel that's cheap, abunda, domestic, plentiful.g we ought to be doing everythingp we canlo to exploit that. melissa: fracking for natural gas?oded >> natural gas in general.e the shale place, which, of course, predicated to fracking, but the opportunities forrtun natural gas, you want to talk abt response to climate change and reducing co2 emissions, thio is the golden key to open the door more than mostenewables will
the politics are currently after the election. economists usually determine policy prior to tax rates. host: we are host: we are running out of time to give final thoughts as we conclude. what do you think is next on this debate? guest: we are weeks away from a deadline. an important one. where not only our tax policy is going to change but significant spending cuts are slated to take effect as well. i'm actually a little bit more concerned today than i was a day or two ago. in the sense at the moment policymakers are moving in opposite directions. in part that's the ways of washington and i think we'll see a few collapses before we ultimately get together somewhere in the days before christmas on a compromise. we have been talking about marginal tax rates, which i think are a key part not only of the budget question, but a key part of the broader economic question in terms of economic growth. and i'm hopeful that any solution that comes together is going to think a lot about economic growth and not just budgets. host: ethan? guest: i think i may be a little more hopeful than alex is. i think t
on the negotiating table. the white house warned that the uncertainty of potential tax hikes for middle-class taxpayers could hurt consumer confidence during the holiday shopping session. that could have a big effect on the economy. the washington post writes that the white house is ratcheting up pressure to avoid the fiscal cliff. on c-span tonight, we will bring you some of the house and senate debate from august of 2011, when congress passed the budget control act that triggered cuts to take effect on january 1. we will also hear from president obama, who signed the deficit reduction measure into law, part of the deal to raise the debt ceiling. first, senate majority leader harry reid and republican majority leader mitch mcconnell will talk on the senate floor about the january fiscal deadline. >> since our country voted to return president obama to the white house, i have spoken often about compromise. i remain optimistic that, when it comes to our economy, when it comes to protecting middle-class families from a whopping tax hike, republicans and democrats will be able to find comm
at this point. >> but when you look at those, they all have some come by neigh of spending cuts and tax increases. the idea is that over a period of time, you basically put the country in a better path, the government in a better path to spending and taxation. what you don't want is the fiscal cliff because that was designed to be something that nobody liked. and the reason is, yes, you've reduced the deficit from about 7% of gdp down to about 4% of gdp, so you move in the right direction really dramatically, but you do it in a way that nobody was happy with exactly where those cuts come from and exactly how the taxes increase. >> with what you're seeing, and we never know, it's almost like a mating dance where you've got the male and a feel of some species -- >> it's an ugly one. >> looks like they're never going to do it. they get closer and closer. >> but there is a lot of -- they back off and they might even look like they're fighting. but do they eventually, you know, do it? >> well, i think certainly everybody hopes so. because it would be better than if they don't. >> that didn't
opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talking about $2 trillion in additional taxes on americans over the next decade if we do not fix this thing. of course, it is because they have not indexed this for inflation. it reverts to the level it was in 1993 where the level would only be about $45,000. think about this. when you mention those 30 million americans, those are rich people. those are people earning 100-150,000 dollars. they will let the payroll tax rise back to where it was before they temporarily suspended it. dagen: do you think, though,
said they will back down on taxes as long as there is one condition. >> steve: this time the white house has a better idea. wait until you hear who they are bringing back to lead the negotiations. yimpt powerball jackpot. $425 million . if you think you are more likely to get struck by lightning than win it big. the guy who won eight times who has the secret. >> steve: does he have the numbers. >> brian: "fox and friends" begins now. >> steve: hi, folks, live from studio e. i am sick of turkey. and i am sick of gravy. we had it five-days. >> gretchen: i know, i have a big huge bird sitting in my refrigerator and attempt to make soup out of it later today. >> brian: so it is not alive. >> gretchen: it didn't gobble. >> brian: i went to the movies and i have another movie. >> gretchen: i saw santa claus over the weekend. >> brian: ian loves it. i will tell you in a while. >> gretchen: no. >> brian: steve, saw one of my recommendations on saturday and you feel. >> steve: i am stopping to listen wu. >> gretchen: can you tell us now. >> steve: some of his movies i like a lot. >> gretche
and tax hikes. well, now the white house releasing a new report building its case for a middle class tax cut. this comes as a national poll finds that 2/3 of americans surveyed believe politicians will act like spoiled children during fiscal cliff negotiations. while only 28% believe lawmakers can be counted on to behave like responsible adults. chief white house correspondent ed henry has the joy of living and reporting amongst the children. i'm not sure what that makes you but you are a chief white house correspondent so what is the latest? >> reporter: there is a still a little kid in all of us, jenna. the bottom line the negotiations are obviously reefing a critical stage. white house is trading to take advantage of cyber monday, retail holiday today to put out the report you mentioned to suggest retailers will take a particular hit if they face these automatic tax increases and spending cuts that will be kicking in at the end of the year if there is no action by the white house and lawmakers on capitol hill working together. bottom line here, republicans like jeff sessions, the budg
, to a courthouse in ap mat tax and 1600 pennsylvania avenue, h.w. brands on the life of ulysses grant, thursday night at 10:15 eastern, part of booktv's four-day holiday weekend starting this thursday on c-span2. >> the name of this place still resonates with a shuddering in the hearts of the american people. more than any other name connected to the civil war except lincolns, gettysburg reverberates. americans retain the knowledge that what happened here was the crux of our terrible national trial, and even americans who aren't sure precisely what transpired on these fields know all the glory and tragedy we associate with the civil war resides most indelibly here. >> thursday night at 8 eastern lincoln director steven spielberg on the battle of getties berg and abraham lincoln's legacy, part of a four-day holiday weekend beginning thursday on c-span3's american history tv. >>> up next, a group of obama biographers discuss the president and his experiences from his first term in office. participants include authors ron suskind, david maraniss and jonathan alter. this discussion was part of the
of positive talk following the election. even bill kristol talking about let's feel free to raise taxes if it's part of a bigger deal. a lot of elections don't have consequences, midterm elections. this was supposed to be a status quo election. but something happened here. i think the fever is starting to break. >> absolutely. you're going to see it, i think, on immigration reform, and i think you're going to see it on spending and taxation. and you don't have to effect or change basic tax rates. as you know, there's all sorts of things you can do on so-called tax expenditure dealing with home mortgage deductions, dealing with state and local taxes. also there's things obviously on the spending side, entitlements and domestic spending, this isn't that hard. this is, if you will, a mini-package. this isn't necessarily on the scale of simpson-bowles. it doesn't need to be. this ought to be doable. >> john heilemann, obviously both sides have to give. everyone's been saying that. there needs to be room for compromise, figure out how to get there. how does a deal look? is there a possibility of a
, not raise taxes. if he wants to change his mind and become a tax increaser so we don't have to reform government, he needs to have that conversation with the people of georgia. >>> >> and new today, congressman peter king on the controversy. >> i agree with chambliss. if i were in congress in 1941, i would have signed al declaration of war against japan. i'm not going to declare war against japan today. the times have changed. ronald reagan and tip o'neil recognized that in the '80s. everything should be on the table. >> joining me, ed and david. thank you for joining me. >> good to see you, alex. >> you heard representative king on "meet the press" saying that he agrees on the pledge to not raise taxes. >> if you look at exit polling, people want to see democrats and republicans working together. you talk to them over and over again and voters say that and expect it. you see lawmakers since they have returned saying that they want to work together and one of the ways is that whether it was on taxes or other issues. >> so david, the change of heart by the gop on taxes, is it legitimat
. bill: democrats upping the ante, looking to raise taxes, protect entitlements and raise the debt ceiling all at the same time. stuart varney, hello, there, sir. you think there has been a shift in those negotiations. >> i don't mean a shift in position. i mean a shift in focus, what they are focusing in on on the last couple days it's been taxes now it seems to be we are focusing in on entitlements and spending cuts. the democrats and the republicans are presenting a united front saying no cuts to entitlement. no entitlement reform. the unions have an ad campaign saying don't touch entitlements. the president campaigner in chief saying the same thing. he put no entitlement reform front. a unified front on entitlements. bill: we did two hours of television yesterday. i saw a story that was as far apart from coming to agreement as is possible. do you see any give between these two sides? >> i saw a statement from senator dick durbin generally considered on the left of his party, he's saying, nobody should be so naive as to believe that just taxing the rich will solve our problems.
to hire the energy commission. california became the leader in energy efficiency. we put in tax credits and policies of the public utilities commission to favor alternative energy, independent power production. which is obvious today. when they promoted code- generation it was something very novel. 30 years ago. now you have a different name for a period in his third party power production using power in a driving way to recapture the most efficient way. innovation is important. i have to also, every time we heard the word innovation, i have to put a plug in for tradition. i have a very traditional education. i spent a lot of years in silence speaking latin up in the hills, living within the medieval framework. i do respect the past. we study it. if you are grounded in tradition, you feel quite confident in change and innovation. if you are insecure, you are very reluctant to embrace the unknown. i do think we need to in our education and politics, we have to have a new appreciation for our traditions and the patterns that describe our culture and our being as americans. having said all
likes to talk about the political drivers. the left likes to talk about how taxes have fallen, the culture has become more open to really high ceo compensation than it used to be, decline in the rights of unions, deregulation, and all those things are factors. but i think it is a real mistake to ignore the economic drivers as well. and there are very powerful underlying economic drivers. globalization, the technology revolution, and one reason it is pretty clear that those are key drivers is this is a global phenomenon and i do sometimes think the american discourse tends to be very american so i am quite interchange when i read about a paper that says rising income inequality in the united states is due to this one particular law passed in the 1980s. and how does that account for rising income inequality in canada? or even in france, in germany, in the united kingdom? it is happening all over the world and the emerging market. it is important to face that squarely because if you see it just as a political phenomenon you are going to lose sight of what i think is a big challen
wants to raise taxes on the wealthy for instance. is that going to solve the problem, get rid of the bush tax cuts? >> that is not going to solve the problem because we have to remember first of all, there is no such thing as a tax increase that affects only the wealthy. ernst & young predicted we'll lose 700,000 jobs even if we raise taxes only on top two rate brackets. 700,000 jobs. those are not ceo jobs. those are not top one percenters. those are people living paycheck to paycheck. bottom line we can't go back to the american people again and again expect to call that a fair deal when we continue to demand more money of them but we're not willing to change the way we spend money in washington. jon: senator mike lee is a republican of utah. some sobering thoughts there, senator. thanks for sharing them. >> thank you. jenna: we have some brand new developments in the political turmoil raging in egypt today as the country's two highest appeals courts suspend work to protest president morsi's latest move. now that latest move is his decision as president to make anything that
at the white house this afternoon to make his case for higher taxes ahead. we will also go to the home state of a kai player in tey pl talks. >>> the chevy volt struggling to work with car makers aed car buyers. why is general motors doubling down with its big bet in electric and has it jumped its sales? >>> facebook stock up 10% in the past week and 30% the past two months. has it finally turned a corpser? >>> speaking of corners, we have switched corners, tyler, the gentleman that he is, is braving you the snow and the ice in new york city and he is down on the floor of the new york estock exchange. >> a mucky day. not since 2008 has it been so high. more evidence the housing recovery is taking root. prices rising in the big cities but a warning we may head into a recession next year if the u.s. and europe don't solve their fiscal messes. right now the dow industrials a built of a breather down 21 points. >>> meanwhile, 34 days to the fiscal cliff. will a deal be done in time? today, president obama meets with small business leaders to make his case for the possibility of higher taxes ahea
's "money" tonight. the great ideas just keep pouring out of d.c. now a hike in the national gas tax could be part of the fin al compromise to avoid the fiscal cliff. can you believe it? republican senator james improve joins us with reaction. >>> how been a assault rifle under the christmas tree? black friday shopping blows away records for gun sales. one g store rep is here to explain why because i'm not sure i get it. >>> will the keystone xl pipeline make it or not? the final public hearing is just days away. pressure is mounting on president obama to approve the new route. ceo of transcanada is here for a fox business exclusive. even when they say it's not it is always about money melissa: first let's take a look at the day's market headlines. stocks bit it for the second straight day senate majority leader harry reid indicated that little progress has been made in recent fiscal iff talks. big surprise there. so you're welcome, investors. the major intoday sees slid on the news and the dow fell 89 points. >>> shares of green mountain coffee are skyrocketing after-hours. the company so
the idea that some taxes will go up on the high end and the middle class won't see much of a tax increase. are we justified? >> i think the typical consumer is not like you and me and the other guests there. the typical consumer makes about $60,000 a year for their family. they're not getting tax dividends so they're not freaked up about those going up. they're concerned about their paychecks and paychecks have been more steady for the first time in several years, wages have gone up a little bit, and the biggest asset people own is a house. it's not just a volume of sales rising and construction but home values. and so with every passing week, a certain number of people who are under water on their mortgages are now in positive territory. and that contributes to what we call the wealth effect, people feeling more confident, they're more likely to spend. it's pro-cyclical. when things are going in the right direction, it forces to propel them further in the right direction. >> stephen, you feel very strongly tax rates should go down and not up. these pro-cyclical things, the idea that the
enough on the spending side. there seems to be movement toward the idea that some people's taxes will go up at the high end. middle class won't see much of a tax increase. why the optimism? are we justified? >> well, i think the typical consumer is not like you and me and our other guests here. the typical median income is $60,000 a year for a family. they're not getting a lot of money from capital gains and dividends. they're not freaked out at the prospect of those going up. they're concerned about what is in their paycheck. paychecks are morsteady than they had been any time the last few years. wages are going up a little bit. the biggest asset that anybody owns is a house. we finally seem -- it's not just the value of sales rising and construction but home values. and so with every passing week, you know, certain number of people underwater on their mortgages are now in positive territory. and that contributes to what we call the wealth infeceffect. when things are going in the right direction, that forces to propel them further. >> stephen, again, you feel very rongly that tax rates
. federal reserve chairman ben bernanke is urging washington to avoid the tax increases and budget cuts that will begin to take effect next year. while speaking at the economic club of new york, he called for an increase in the federal debt limit saying a dault could result in an economic crisis. >> thank you very much. good afternoon. it is nice of you to join me for lunch at this intimate gathering. [laughter] i know many of you and your friends and neighbors are recovering from the events of hurricane sandy -- i want to let you know our thoughts are with everyone who has suffered during the storm and its aftermath. it has been a very challenging time for new york city. i think you have shown quite a bit of fortitude in coming back and getting back to business. my remarks today are going to focus on the reasons for the disappointingly slow pace of economic recovery in the united states, and the policy actions that have been taken by the federal open market committee to support the economy. in addition, i will discuss important economic challenges our country faces as we close out 2012
and positioning over the fiscal cliff negotiations. >> would you subpoena a deal that does not include tax rate increases for the wealthy? is that something that's acceptable? >> no. pete: and a candid assessment of the stakes from one of the g.o.p.'s rising stars. >> the fiscal cliff is a creation of the political branch in washington, d.c. and an example of a dysfunctional process. that threatens our economy and millions of people across our economy. pete: is stalemate in washington stifling the economic recovery? joining us this thanksgiving week, peter baker of "the new york times." molly ball of "the atlantic." and jim tankersly of "national journal." >> award winning reporting and analysis. covering history as it happens. from our nationas capital, this is "washington week with gwen ifill." produced in association with "national journal." corporate funding for "washington week" is provided by -- >> we know why we're here. to chart a greener path in the air and in our factories. to find cleaner, more efficient ways to power flight. >> and harness our technology for new energy solutions. >>
on the story. will the tax deduction for your mortgage be sacrificed to fix the federal budget? nancy cordes and dean reynolds look at the proposals. elizabeth palmer shows us what a dictatorship doesn't want you to see: the ruin of a nation in civil war. and africa's mighty elephants are slaughtered for their tusks. so who's buying that illegal ivory? holly williams shows us in a hidden camera investigation. >> oh, wow. captioning sponsored by cbs this is the "cbs evening news" with scott pelley. >> pelley: good evening. today susan rice had high hopes for what might have been the most important diplomatic mission of her career so far. but the u.s. ambassador to the united nations' attempt to reach agreement with republican senators today failed. rice is a favorite of the president's to be nominated as secretary of state to replace hillary clinton. if he does nominate race, she would have to be approved by the senate. margaret brennan is covering for us tonight. margaret? >> reporter: good evening, scott. ambassador rice asked for the meetings on capitol hill today in hopes of
to get the majority of a majority on tax issues. he's not going to get a majority of majority on debt raising. >> much harder on the debt ceiling than taxes. >> that's what i'm saying. i refuse to vote to raise a debt ceiling when they were trying to raise it to $5 trillion. it's something you don't do unless you get a lot of cuts on the other side. >> and it's not a game. because if you don't raise it, we saw what happened last time, you can get your debt downgraded and has real economic consequenc consequences. and that's why when people think about the fiscal cliff, we all assume that sane minds will prevail and they'll come up with some deal. there's no guarantee that sane minds will prevail. and recent history would suggest that sanity almost never prevails in washington. so you can assume it's going to be more difficult than we think. you can assume that the bush tax cuts might all go away for a short period of time. and you cannot assume they just raise the debt limit. you cannot make that assumption. >> are the president's men and women -- are they under -- are they making the
to talk about averting the tax hikes and budget cuts from the so-called fiscal cliff. the president met with small business owners yesterday to talk about the effect on their companies from taxes and other changes. and right now congress is stalled over finding a solution as democrats demand higher taxes for high wage earners while republicans want cuts to entitlement programs. >>> elsewhere on the hill, u.n. ambassador susan rice spent her day behind closed doors explaining statements she made back in september about those deadly attacks on the u.s. consulate in libya. her defense failed to convince her republican critics. nbc's tracie potts is on capitol hill with more on this. tracie, good morning to you. >> lynn, good morning. rice admitted that when she said the ambassador and three others who were killed were the result of spontaneous attacks, the information was partially wrong. as she has done before, in a statement after her meeting, she blamed it on bad intelligence information, talking points where references to al queda had been taken out according to sources and attacked ch
and congress fail to reach a tax deal because that will mean huge tax increases and spending cuts would automatically kick in january 1st. today several key republicans backed away from a pledge banning tax hikes including senator lindsey graham and congressman peter king. are we inching closer to some potential compromise. athena joan has been following the fiscal cliff negotiations. >> martin, with congress returning this weekend, not much public evidence of any real progress on a deal the avoid the fiscal cliff. folks here in washington are wondering if this week will prove a turning point for republicans and democrats. members of congress expressed optimism sunday about the prospects for reaching a deal to avoid the fiscal cliff. a series of tax increases and spending cuts next year that could do serious damage to the economy. they also sounded warnings. >> we can and must get an agreement. otherwise i think first of all the markets are going to start reacting. >> it's not a done deal and not a certainty. if congress does nothing, which congress has gotten pretty good at doing these
companies? when you could have protected my medicare, why did you protect corporate tax loopholes. i do not know what the -- loopholes? i do not know, but i am predicting it will be hot. they are going to spend their august defending. thank you. >> thank you. the chairman is one of the few democrats we can call mr. chairman. we are honored you are both here. thank you for your great work. i am proud of the work the caucus has been doing over time. on behalf of job creation, you heard what was said here. there is a tremendous need for rebuilding the infrastructure of america. it is in the trillions of dollars, just addressing the building the of the structure -- the infrastructure. we will need public-private partnerships on how this is funded in a way that create s jobs. i want to mention mark, who has the bill on china's currency, over 170 signatures already, to discharge petition on that bill. it has already passed the house in a bipartisan way. we want it to come up again. this is not only about creating jobs. it is about developing small businessmen and -- in an entrepreneurial way,
to leave the agency. with the content congressional negotiations are the sequester and tax cuts to expire at the end of the year, tonight and prime time, focusing on the beginnings of the debt of the debate on the national debt. c-span will go back to august of last year to review some of the debate and is congress is from congress and the white house to run in the passage of the budget control act. the law created the automatic spending cuts to take effect in january along with some expiring tax revisions as part of the so- called fiscal cliff. it airs tonight it it o'clock eastern-- a o'clock here on c-span. >> in january, our first week we were sworn into office, the president ask for an increase in the debt ceiling. i made clear at that time there would be no increase in the debt ceiling without significant cuts in spending and changes to the way we spend the american people's money. shortly after that, i was in new york and gave a speech and outlined i thought the spending cuts should exceed the amount of debt limit increase and there should be no taxes as part of this agreement. whe
of tax cuts will expire. there will be spending cuts and there will be jobs lost. john harwood with the latest from washington now. john? >> tyler, i'm pretty sure those congressional leaders' bellies were full even before thanksgiving. as you can see from the meeting they had just before the thanksgiving break, they were off to a smiling start with the president of the united states but there hasn't been much progress made since then. let's go over the fiscal cliff by numbers. first of all, they're all one. there's one month left before we go over the cliff if nothing is done. two, there's 1.4 percentage points that the white house says would be shaved off of gdp if middle class taxes go up between now and then. there's about $1 trillion which a democratic aide in the senate tells me they would need for a down payment deal to be done by the end of the year with the remaining three-quarters of the deal to be done early next year if they're going to get one. finally, there was one phone call over the weekend between president obama and house speaker john boehner. now i just hear
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